BRT Buys Dallas $39M TX Community
- Oct 06, 2017
BRT Apartments acquired Gateway Oaks, a 313-unit luxury community in Forney, Texas, for $39 million. The transaction included a $25.4 million mortgage debt.
Located at 1105 N. Gateway Blvd., the property sits a mile and a half from U.S. Highway 80, offering convenient access to Interstate 20. The community is also situated within a few miles of multiple schools, including Crosby Elementary School, Brown Middle School and North Forney High School. The five-building asset features one-, two- and three-bedroom units ranging from 564 to 1,410 square feet. Community amenities include a swimming pool, a fitness center, a sand volleyball court and more than 450 parking spaces.
“Gateway Oaks is one of the recently completed communities within the fast-growing Gateway master-planned development in Forney, twenty-two miles east of downtown Dallas,” Jeffrey Gould, president & CEO of BRT Apartments, said in a prepared statement. Earlier this year, BRT also purchased three St. Louis luxury communities totaling 335 units.
Image courtesy of Yardi Matrix